Kontoor Brands, Inc. (NYSE:KTB) Shares Sold by Summit Global Investments

Summit Global Investments cut its holdings in Kontoor Brands, Inc. (NYSE:KTB) by 66.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,876 shares of the company’s stock after selling 11,805 shares during the quarter. Summit Global Investments’ holdings in Kontoor Brands were worth $502,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Magnetar Financial LLC acquired a new position in Kontoor Brands in the 4th quarter valued at about $1,067,000. Teacher Retirement System of Texas grew its stake in shares of Kontoor Brands by 62.3% in the 4th quarter. Teacher Retirement System of Texas now owns 98,764 shares of the company’s stock valued at $8,435,000 after purchasing an additional 37,913 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Kontoor Brands in the fourth quarter valued at approximately $674,000. Xponance Inc. raised its stake in shares of Kontoor Brands by 10.7% during the fourth quarter. Xponance Inc. now owns 4,025 shares of the company’s stock worth $344,000 after purchasing an additional 388 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new stake in shares of Kontoor Brands during the fourth quarter worth approximately $440,000. 93.06% of the stock is owned by hedge funds and other institutional investors.

Kontoor Brands Stock Performance

NYSE:KTB opened at $64.93 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 2.50 and a debt-to-equity ratio of 2.09. Kontoor Brands, Inc. has a fifty-two week low of $52.95 and a fifty-two week high of $96.80. The firm’s fifty day simple moving average is $77.86 and its 200-day simple moving average is $81.95. The stock has a market cap of $3.59 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 2.12 and a beta of 1.23.

Kontoor Brands (NYSE:KTB) last issued its earnings results on Tuesday, February 25th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.07. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The company had revenue of $699.00 million for the quarter, compared to analyst estimates of $698.07 million. During the same period in the prior year, the business posted $1.28 earnings per share. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts expect that Kontoor Brands, Inc. will post 4.82 earnings per share for the current fiscal year.

Kontoor Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Monday, March 10th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.08 annualized dividend and a yield of 3.20%. Kontoor Brands’s dividend payout ratio is presently 47.60%.

Analysts Set New Price Targets

Several equities analysts have issued reports on KTB shares. UBS Group dropped their price objective on shares of Kontoor Brands from $108.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Barclays dropped their price target on shares of Kontoor Brands from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company reduced their price objective on shares of Kontoor Brands from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Kontoor Brands currently has an average rating of “Moderate Buy” and an average price target of $91.50.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.